I live in Massachusetts and I am in the process of buying a bank foreclosure home. The inspector said the heater isn't working so he won't pass it... so I am trying to get the bank to take off $5k off the house to cover the cost for installing a new one. The agent is the middle man and he said that the bank won't take off anything.... Should I take his word for it or is the bank suppose to put in the heater in order for the inspection to pass?
I'm a first time homebuyer so I have no clue. I'm taking a first time homebuyer class in a week but I just wanted to get some opinions on this.. Thanks.
2007-12-30 06:24:53 · 6 answers · asked by Tina 2 in Business & Finance ➔ Renting & Real Estate
No, foreclosures are as is. You would expect problems. Your lender may not loan on fixer uppers but you can change lenders or pay the money to have it fixed before you get the loan.
2007-12-30 06:29:35 · answer #1 · answered by shipwreck 7 · 0⤊ 0⤋
Banks are not going to fix anything. By the way you can buy a new water heater a Home Depot for under $300 so why would the bank take off 5K
2007-12-30 16:26:52 · answer #2 · answered by Leo F 4 · 1⤊ 0⤋
No, they won't. They're trying to cover what's owed on the mortgage. They'll have to sue the previous owner for whatever the difference is between the sale price and what's still owed on the loan, so negotiating the price down with you would be unethical.
Also, $5k is waaaaaaay too much for a water heater. I replaced one last year, and it was $800, including installation.
2007-12-30 15:43:54 · answer #3 · answered by winters in buffalo 3 · 0⤊ 0⤋
foreclosure homes are sold as is. the bank wont take anything off becuase they are selling the house at a price to cover the cost that the person before you owed them. they are looking to remake the money they lent, not really to make money like a normal person selling the house would be.
2007-12-30 14:29:11 · answer #4 · answered by Chris B 4 · 0⤊ 0⤋
Are you pre-qualified? If so you may want to fix what needs to be done before hand...if not pre-qualified...I wouldn't invest the money in case you get turned down...and NO the bank doesn't have to fix a thing there just trying to recoup a loss.
2007-12-30 14:59:31 · answer #5 · answered by Witchy 3 · 0⤊ 0⤋
first of all, water heaters are only about 300 dollars and easy to put in. i did mine and it was gas. i was quite proud of myself. or hire someone. bank will not pay that.
2007-12-30 22:06:08 · answer #6 · answered by mla 3 · 0⤊ 0⤋